Lame local coin dealer--what are best online/mail order dealers to sell gold coins to?

So I go into this small b&m coin & bullion dealer in this medium size town I live in in New England. I didn't expect much, but I'd never been to that dealer. One of the coins I wanted to sell was a $10 gold Indian, in a PCGS "Genuine" slab. Quite decent looking looking coin, I'd say VF or XF maybe. This was 6/28, with gold around $1410. Coinflation had a gold value of $686 for a $10 gold Indian, & moneymetals.com had $685 as their buy price.

So the guy offered me $636. When I questioned the price, he went into this whole spiel about how no-one wants pre 1933 US gold anymore unless it's in higher Unc. grades. Something about how crate-loads of the stuff have been shipped here from Europe, so there's a glut (?!). Huh?

I told him I had a couple of 1 oz. proof AGE's in those little blue boxes & he said he'd pay 97% of spot for those. (So maybe modern bullion coins really are more readily saleable)?

I'm wondering which of the online/mail order dealers are the most reliable to sell a couple of my gold coins to? apmex? gainesvillecoins.com? moneymetals.com? Or? I just figure now that gold is $1400 might be time to do a little selling.

 

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I do believe that dealer is being honest with you. It's graded genuine so it Trade for spot as no grade is assigned.

 

Yeah, but he wasn't complaining about the Genuine holder--it was all that stuff about pre-1933 gold being a glut on the market right now. I find that hard to believe. Also, does anyone think the coin really looks cleaned?

 

3% under for proof gold Eagles sounds low.

 

I don't know about broader trends in the market, but it did seem like offers to buy at this year's big Raleigh show were a lot further below spot than the offers at last year's show. (This was for pre-33 $10 and $20 coins.)

 

Where in New England do you live? I may be able to point you In a better direction.

 

Let us know if APMEX gives you an offer and if so, what the offer is please. I've heard they are turning down some gold - without making an offer.

 

I think you got a fair offer

 

Really? Why on Earth would they do that, instead of just lowering their offer? Unless they think it might be fake...

 

Not sure - but they said they weren't interested in some gold sovereigns recently. Maybe because they were stabbed by a TPG - not sure. With US gold - maybe they'll at least give you an offer.

 

You can always offer them here on CT

 

To be honest with you, I don't think it's that lame of an offer. Looks harshly cleaned. Better luck at your next stop!

 

Your dealer might have been referring to the Fairmont Hoard/Collection.
Here’s an excerpt from Douglas Winters Blog, just posted last month:

“Starting around May 2018, one of the most amazing hoards of United States gold coins I have ever seen started appearing for sale. Graded by PCGS and marketed by Stack’s Bowers, this massive group—likely containing tens of thousands++ of coins—consists of eagles and double eagles dated as early as 1850 and as late as the 1920s.

Known as the Fairmont Collection, these coins derive from an overseas bank and they likely have been off the market for 75 to 125+ years.”

 

There’s only one lame thing here and it’s not the dealer.

...and who are you to tell a store that they don’t know their own market?

I buy pre 33 gold at 1.1x1.2x melt if I like the coin...I wouldn’t give you .95x melt for your coin....The only way I would waste my time with that turd is if I knew I could make $75-$100 on a quick flip.

 

I will. They have this shipping system (for sellers) where they send you a UPS 1st or 2nd day air label & go drop the package off at a UPS store. About $25 for 2nd day air for up to 5 oz. Might not be worth it for the one coin. I have a circ. $20 Lib. I might sell also. Or--I have an MS62 (PCGS) $10 Lib. Or maybe one of the proof gold Eagles. Or maybe they're more worth hanging on to than some of the pre-1933 stuff I have?

Someone here said they might have a tip for a good dealer in New England? I'm in S. NH, so Boston is about an hour away--but going thru that nightmare (it's like combat driving getting down there) is not worth it.

Thanks for all the advice people. I guess that dealer wasn't B.S.-ing me after all, & maybe his offer was at least in the ballpark. I paid $150 IIRC for the $10 Indian in the early '70s so maybe getting $636 is pretty darn good. (I submitted it to PCGS some years ago with some other gold coins).

Thanks again!

 

I recall going to a monthly coin show in Nashua or Manchester. I think there was also one near Lowell MA (the third Sunday show). I'm pretty sure some of them are still going on, but the locations may have changed.

Taking it to a show will allow you to show it to numerous dealers in a short time.

 

Just a guess, but this strikes me as something that a pure bullion buyer would pay more for. If Apmex, JM, and Provident are able to sell even cleaned pre33 US gold for so much over spot, you should be able too.

Two options:
Ebay
I really dislike ebay and never buy or sell bullion there (or really use the site for anything anymore) but if you are able to I think you should be able to do better selling on there.

Coinshows/craigslist/this website
Fellow buyers will likely feel comfortable buying it from you knowing it is authentic from the slab and would likely pay at that sweet spot in between the inflated Apmex/JMbullion/Provident price and the low price a dealer would pay you.